POST-MARKET SUMMARY 27th February 2024

On February 27, the Indian benchmark indices rebounded significantly from recent losses to finish in positive territory, with the Nifty hovering around 22,200. This uptick was driven by increased buying activity observed in the auto, capital goods, IT, and realty sectors. Despite a tepid or slightly negative start, the market gradually gained momentum throughout the day, ultimately closing near its peak levels. Notably, sectors such as Auto, Capital Goods, Information Technology, Pharma, and Realty witnessed gains of around 0.5-1%, while the Oil & Gas index experienced a decline of 1%. 

NIFTY:  The index opened 32 points lower at 22,090 and made a high of 22,218 before closing at 22,198. Nifty has formed a Bullish Engulfing candlestick pattern on the daily chart. Its immediate resistance level is now placed at 22,250 while immediate support is at 22,070.

BANK NIFTY: The index opened 96 points lower at 46,480 and closed at 46,588. Bank Nifty has formed a bullish candlestick pattern on the daily chart. Its immediate resistance level is now placed at 47,000 while support is at 46,300.

Stocks in Spotlight

▪  CMS Info Systems:  Stock fell 2.52% after 4.2 crore shares changed hands through a block deal.

▪  TVS Motors: Stock closed 1.46% lower after the company’s Singapore subsidiary VS Motor Pte acquired an additional 8,000 equity shares in Killwatt GmbH, a company based in Germany.

▪  MCX: Stock gained 1.35% after it signed a contract with Jakarta Futures Exchanges, the largest exchange in commodity and derivatives market in Indonesia.

Global News

▪  The Stoxx 600 index was down 0.17% at 1:40 p.m. in London, its second session in the red as it retreats from last week’s record high. Mining stocks gained 1.7% as media stocks tumbled 1.3%.

▪  The dollar struggled for direction on Tuesday ahead of key data that could provide further clues on the U.S. Federal Reserve’s policy path, while the yen rose after figures confirmed inflation was above the Bank of Japan’s (BOJ) target.

▪  Oil prices ticked up in early Asian trading on Monday, extending gains for the third straight day, as shipping disruptions spurred supply worries.

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